UPDATE 1-Pacific Rubiales to double 2010 capex budget

* Raises 2010 capex budget to $853 mln

* Sees investment doubling output by end of 2010 (All figures in U.S. dollars, unless noted)

TORONTO Nov 2 (Reuters) - Pacific Rubiales Energy Corp (PRE.TO) plans to more than double its 2010 capital expenditure budget, a move that will also help double its anticipated net production in 2010, the Canadian oil and gas producer said on Monday.

The Toronto-based company plans to spend $853 million in 2010, which is an increase of $471 million over the 2009 capital expenditures and $394 million over the previously projected 2010 budget.

The company anticipates that the proposed investment program will double its net production, after royalties, from the current estimate for year-end 2009 of 46,000 barrels of oil equivalent per day, to 92,000 barrels of oil equivalent per day, by the end of 2010.

The company, which has operations in Colombia and northern Peru, is financing its 2010 capital plan from current operating cash flow and from the early exercise of its warrants.

Shares of the company, which have risen more than 500 percent year-to-date, closed at C$13.17 on Friday on the Toronto Stock Exchange. (Reporting by Euan Rocha, editing by Dave Zimmerman)